© 2015 The Texas Lawbook.
By Brooks Igo
(Aug. 26) – Jones Day announced recently that it strengthened its energy transactions practice with the hire of partner Stephen Olson in Houston.
Formerly at BakerHostetler, Olson said Jones Day is well-positioned to serve clients with a global footprint and firm structure that are “second to none” in an increasingly global marketplace, particularly in the energy industry.
“You will see a few law firms separate from the pack that can serve clients domestically and globally,” he said.
Jeff Schlegel, co-leader of Jones Day’s global energy practice, noted in a statement that the firm’s Houston lawyers have handled more than $250 billion in upstream, midstream and downstream transactions, including $55 billion in the first half of 2015.
“Stephen joins us at a terrific time, as our Houston office has never been busier with work for clients doing deals in the energy industry from Texas and around the world,” Schlegel said in the statement.
Olson, a University of Texas School of Law graduate, focuses his practice on energy mergers and acquisitions, private equity investments, capital markets transactions and corporate governance matters. He has worked on transactions totaling more than $9 billion in the last three years, according to his firm bio.
Recently, he represented a Saudi-based investment conglomerate in a $500 million joint venture with a U.S.-based automotive OEM and a multinational offshore oil field services company in a $300 million acquisition and financing of two accommodation oil rigs.
Olson says it is an attractive time for private equity firms to have dry powder.
“Oilfield service companies are not getting contracts or they are being slow-played by E&P companies,” he said. “They are strapped for cash and [private equity] funds are in a position to make favorable investments.”
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